With the US returning to the Paris Climate Agreement, there is hope for all developing and poor countries, including India, to receive more financial support to deal with climate hazards. Now America’s next step may be to provide financial grants for the Global Client Fund. The eyes of the whole world will now remain on it. The US has officially joined the Paris Agreement on 19 February. However, its process started a month ago. Climate experts believe that it will bring two types of benefits. A US will contribute a large amount to the Global Climate Fund. Secondly, in the coming days it can declare to be carbon neutral.
Actually, the creation of the Global Fund was to provide financial assistance to the poor and developing countries. But by 2020, the goal of depositing one hundred billion dollars per year in this fund could not be met. It is believed that the return of the United States may complete it.
According to a recent report by the Organization for Economic Cooperation and Development (OECD), in 2018, around 80 billion funds have been given by developed countries to deal with climate hazards. This includes 62.2 crore public sources and 14.6 crore private funds. The organization claims that in 2020 it may have reached a hundred billion dollars. But Oxfam’s report is the opposite. It says that in 2017-18, only $ 22.5 billion was actually given by developed countries. Many countries are including the amount given as loan and also the amount which is partly related to the mitigation of climate hazards.
This year, the Conference of Parties is scheduled to meet in Glasgow in November, which is under pressure to set climate targets afresh. But before that the US is holding a global climate conference in April, in which it can announce its new goals. It is possible that by 2050 it can declare its goal of becoming carbon neutral.
There are two reasons for this. Many countries including one China, European Union, Japan, Southern Africa have made such declarations. Secondly, despite the US ruling out of the Paris Agreement under the Trump regime, the provincial governments there served a target of reducing emissions by 50 per cent by 2030. So, if America sets a goal of being carbon neutral by 2050, then it will not be very difficult for it.